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CAPSTONE MINING: BETTER 2019 FLAGGED AFTER FY18 COPPER FALL

Vancouver, Jan 11

Capstone Mining is expecting a much better 2019 after copper production from its 2 producing mines plunged to 70,400t (155.2Mlbs) in the Dec 2018 year (FY/CY18) from 2017’s 90,300t, along with additional by-products.Preliminary numbers show output from the Pinto Valley mine in Arizona, US, fell to 54,000t from 57,331t, with Cozamin, in Zacatecas State, Mexico, easing to 16,400t from 16,732t. However, 2017 included 16,332t from the Minto mine in Yukon, Canada, now on C&M.In FY/CY19, Capstone expects a recovery to 145Mlbs-160Mlbs of copper at C1 cash costs of $US1.80lb-$2lb payable copper with a scoping study set for Pinto Valley, the development of a new underground haulage network at Cozamin expected to lift throughput 30% to 3,780tpd by the end of 2020, increasing annual production to 40Mlbs-45Mlbs. Capstone’s 70%-owned, $1.88B total capex Santo Domingo Iron Oxide-Copper-Gold Project in Chile is also in the wings, with a Nov 2018 technical report flagging a potential 2022 production start from twin open pits producing 2.4Blbs (1.1Mt) of copper over an initial 18-year LoM. Full company results scheduled for Feb 12, 2019.